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Today, the national average interest rate for savings accounts is just 0.40%, according to the FDIC. But that doesn’t mean you’re stuck earning a low rate on your savings.
Many banks and credit unions offer high-yield savings accounts with an annual percentage yield (APY) of 4% or more, allowing you to maximize your savings potential and hit your savings goals even faster.
Where to find 4% interest savings accounts: 15 offers available
Here’s a look at some of the top federally insured high-yield savings accounts available today that currently offer 4% APY and higher.
Note that interest rates, fees, and requirements are accurate as of the publish date. Please verify account details directly with the financial institution.
1. Digital Federal Credit Union Primary Savings Account: 5% APY
Digital Federal Credit Union (DCU) offers a high-yield savings account with the highest APY on our list at 5%. The catch: This rate only applies to balances up to $1,000; balances above $1,000 earn 0.05% APY. Even so, this great rate could get the ball rolling on growing your savings.
The minimum deposit needed to open this account is $5.00, and there's no monthly maintenance fee or minimum balance required to earn the disclosed APY. Eligibility for membership with DCU is determined by a prospective member’s relationship to a current member, employment at an eligible company, geographic area, or involvement in qualifying organizations.
2. Varo Bank High-Yield Savings Account: 5% APY
Varo Bank’s High-Yield Savings Account offers an attractive 5% APY on balances up to $5,000 (balances over this threshold earn 2.5% APY). There’s no minimum balance required and no monthly fees. This account also allows for automatic round-ups to give your savings a boost over time.
Read our full review of Varo Bank
3. Pibank Savings: 4.6% APY
The Pibank Savings account offers a competitive 4.6% APY with no fees or minimum balance requirements. Interest accrues daily and is credited monthly on the 15th.
4. FitnessBank Savings Account: 4.45%
FitnessBank — a division of Affinity Bank — is a new online lifestyle bank. The Fitness Savings Account requires a minimum opening deposit of $100. There is a $10 maintenance fee, which can be waived with a $100 minimum average daily balance. Customers who also open an Elite Checking account can boost their rate to 4.85% APY.
5. AlumniFi Savings Account: 4.3% APY
The AlumniFi Savings account is a tiered account that pays higher interest on higher balances:
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Tier 1 (up to $24,999): 3.8% APY
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Tier 2 ($25,000 to $99,999): 4.05% APY
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Tier 3 ($100,000 and up): 4.3% APY
AlumniFi accounts are held at Michigan State University Federal Credit Union where savings are federally insured to at least $250,000 by the NCUA.
Read our full review of AlumniFi
6. Ivy Bank High-Yield Savings Account: 4.25% APY
The Ivy Bank High-Yield Savings Account offers 4.25% APY on balances of $2,500 and up (balances below this threshold earn 0.05% APY). Interest is compounded daily and credited monthly.
7. Bread Savings High-Yield Savings Account: 4.15% APY
Bread Savings’ High-yield Savings Account offers 4.15% APY with no monthly fees. You must deposit a minimum of $100 to open an account. Interest is compounded daily and credited monthly.
Read our full review of Bread Savings
8. LendingClub LevelUp Savings: 4.2% APY
LendingClub’s LevelUp Savings account currently offers 4.2% APY with no minimum balance required. But in order to earn the highest advertised rate, you must deposit at least $250 to the account monthly. If you miss a month, your balance will earn 3.2% APY instead.
There are no monthly fees associated with this savings account. Interest is compounded daily and credited monthly.
Read our full review of LendingClub Bank
9. Jenius Bank Savings: 4.05% APY
The Jenius Bank Savings account offers an impressive 4.05% APY with no minimum deposit or minimum balance requirement. There are also no monthly fees, and customer service representatives are available 24/7.
Read our full review of Jenius Bank
10. EverBank Performance Savings: 4.05% APY
EverBank’s Performance Savings pays 4.05% APY on all balances. There is no monthly maintenance fee or minimum balance requirement. This account is completely free to open, and interest is compounded daily.
Read our full review of EverBank
11. First Foundation Bank Online Savings: 4% APY
First Foundation Bank’s Online Savings Account offers 4.1% APY with no monthly maintenance fees. The minimum opening deposit is $1,000, and you must maintain at least $0.01 to earn interest.
Read our full review of First Foundation Bank
12. Popular Direct High-Yield Savings Account: 4% APY
Popular Direct’s Select Savings Account currently offers 4% APY with a minimum opening deposit of $100 and no monthly fees. You must maintain at least $0.01 in your account to earn interest.
Read our full review of Popular Direct
13. BrioDirect High-Yield Savings Account: 4% APY
BrioDirect’s High-Yield Savings Account boasts 4% APY with no monthly maintenance fees. You need a minimum of $5,000 to open this account and must maintain at least $25 to earn the disclosed APY.
Read our full review of BrioDirect
14. Poppy Bank Premier Online Savings Account: 4% APY
The Premier Online Savings Account from Poppy Bank offers a competitive 4% APY. This rate only applies to accounts opened online, and a minimum balance of $1,000 must be maintained to obtain the advertised rate.
Read our full review of Poppy Bank
15. Current Savings Pods: 4% APY
Financial technology company Current offers a bank account with sub-accounts known as "Savings Pods." You can earn 4% APY on up to $2,000 per Savings Pod ($6,000 maximum) by direct depositing at least $200 monthly (you'll earn 0.25% APY if the requirement is not met). Balances above $6,000 do not earn interest.
Read our full review of Current
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By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy SubscribeHow much can I earn with a 4% interest savings account?
The amount of interest you can earn with a rate of 4% depends on how much money you deposit. The more money you keep in your account, and the longer you hold it there, the more you stand to earn thanks to compound interest.
For example, if you deposited $1,000 into a 4% interest savings account that compounds interest daily and left the money there for one year, you'd earn a total of $40 in interest (assuming you don't make any additional contributions).
Let's say you deposited $10,000. At the end of the year, you'd earn $400 in interest. And if you made an additional $100 contribution each month, you'd end up with $421.84 in interest earnings.
How to maximize 4% interest on a savings account
Finding a savings account that pays 4% on your balance is a great way to give your savings a boost and help it grow over time. However, there are additional steps you can take to get the most value out of your account.
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Start with a higher principal balance: The more money you deposit initially, the more interest you earn from the start.
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Contribute regularly: Consider setting up automatic transfers to the savings account. Even small, consistent deposits can make a big difference over time. If you contribute $100 monthly — that’s an extra $1,200 per year that earns 4% interest, which compounds to grow even more.
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Take advantage of compound interest: Make sure the interest on your account compounds at least monthly, if not daily. The more frequently interest is compounded, the more your money will grow.
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Keep your money in the account: Each time you withdraw funds from your savings account, the principal balance that earns interest decreases, which reduces the overall growth potential. A checking account or money market account may be a better fit for money you need for daily spending or paying bills.
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Watch out for fees: Look for a savings account with no monthly maintenance fees or other charges that could eat into your interest. Some high-yield accounts have minimum balance requirements to avoid fees or earn the highest advertised rate, so be sure you can meet those minimums — or choose an account with no minimum balance requirement.
How long will 4% interest rates on savings accounts last?
Savings accounts that offer 4% are becoming increasingly hard to find. Recent rate cuts by the Federal Reserve signal that the economy is moving in the right direction, but they also mean deposit account rates are on the decline.
Additional rate cuts could be on the horizon, so it pays to take advantage of an account with a higher rate while it lasts.
For those looking to maximize their savings, it might be wise to take advantage of current rates while they remain elevated. If you want to lock in today's higher rates, you may want to consider a certificate of deposit (CD) instead of a high-yield savings account.
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